Interest Only Mortgages
FCA warns on interest-only mortgage "ticking timebomb"New research from the Financial Conduct Authority has found that 37 per cent of people with an interest-only mortgage believe they have a shortfall in repaying the capital. |
HSBC and Yorkshire BS pull out of interest-only mortgagesHSBC and the Yorkshire Building Society have followed Nationwide and the Co-operative Group in pulling out of the residential interest-only mortgage market. |
Clydesdale Bank launch interest-only mortgage optionBucking the trend of other lenders the Clydesdale bank has launched an interest-only mortgage that revers to a repayment mortgage after three years. |
NatWest and RBS pull out of interest-only mortgage marketTwo other major lenders, NatWest and RBS have pulled out of the interest-only mortgage market with experts predicting that they could become a niche product. |
Will interest-only mortgages become the next mis-selling scandal?Nationwide's decision to pull interest-only mortgages could mean that they become a niche product only offered by private banks. |
Nationwide pulls interest-only mortgages for new borrowingThe Nationwide Building Society has announced that it will pull interest-only mortgages for new customers but the decision will not affect existing customers. |
Co-op quits interest-only mortgage market for new customersThe Co-operative Bank will not allow new mortgage customers to take out a loan on an interest-only basis from May 8th but existing customers will be able to switch to a similar product. |
Nationwide culls interest-only mortgages unless you have 50% equityThe Nationwide Building Society will only advance interest-only mortgages to borrowers if they have 50 per cent equity in their homes. |
Co-operative Bank waives mortgage switching feeThe Co-operative Bank is offering homeowners on an interest-only mortgage the chance to switch to a repayment mortgage without incurring the normal £50 fee. |
The decline of interest-only mortgagesFigures from the Council of Mortgage Lenders (CML) show interest-only mortgages accounted for just four per cent of first-time buyer mortgages in March 2011, down from a high of 30 per cent in 2007. Kate Saines explains why they are falling in popularity. |
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